Manchester Cooperative Credit Union (Annual Report Inside Pages) (1)

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

Vision Statement

The Manchester Co-operative Credit Union (1977) Limited,
aims to be the Financial Institution of choice,
providing a range of innovative
Products and Services.

Mission Statement

The Manchester Co-operative Credit Union (1977) Limited,
is committed to maintaining a safe, visible and

efficient financial institution; by providing innovative and
competitive products and services in a warm and
friendly environment to enhance the economic and
social well-being of our members

“Where Service Exceeds Expectation” 1

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

Prayer Of Saint Francis
Of Assisi

Lord, make me an instrument of thy peace
Where there is hatred, let me sow love;
Where there is injury, pardon;
Where there is doubt, faith;
Where there is despair, hope;
Where there is darkness, light; and
Where there is sadness, joy.

O Divine Master, grant that we may not
So much seek to be consoled as to console;

To be understood as to understand;
To be loved as to love;

For it is in giving that we receive;
It is in pardoning that we are pardoned;
And it is in dying that we are born to eternal life.

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MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

Table of Contents

Notice of 41st Annual General Meeting ........................................................................................................ 4

Agenda .......................................................................................................................................................... 5

Minutes of 40th Annual General Meeting ...................................................................................................... 6

Reports: ...................................................................................................................................................... 22
– Board of Directors ................................................................................................ 22
– Treasurer’s .......................................................................................................... 29
– Auditor’s .............................................................................................................. 34
– Appropriation of Surplus ...................................................................................... 89
– Credit Committee ................................................................................................ 90
– Supervisory Committee ........................................................................................ 95
– Nominating Committee ........................................................................................ 99

Profiles of Nominees ................................................................................................................................ 102

JCCUL 75th Anniversary President’s Message .......................................................................................... 103

Pictorial Review ........................................................................................................................................ 105

Appendices ................................................................................................................................................ 109
– List of Staff Members .......................................................................................... 109
– List of Deceased Members ................................................................................ 114
– Roles of the Board and Committees .................................................................. 115
– Parliamentary Rules of Order ............................................................................ 117
– Fit and Proper Criteria for Credit Union Directors and Officers .......................... 118

National Anthem ...................................................................................................................................... 119

“Where Service Exceeds Expectation” 3

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given of the

41st ANNUAL GENERAL MEETING

of the

MANCHESTER CO-OPERATIVE CREDIT UNION
(1977) LIMITED

at the

GOLF VIEW HOTEL AUDITORIUM

5½ CALEDONIA ROAD, MANDEVILLE
MANCHESTER

On Thursday, May 11, 2017
Commencing at 4:00 p.m. sharp

Signed by:

Claude Rattray
Secretary

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MANCHESTER CO-OPERATIVE 5
CREDIT UNION (1977) LTD.

AGENDA

1. Call to Order
– Ascertaining of Quorum
– Notice of Meeting
– Welcome & Courtesies

2. Minutes of Last Annual General Meeting
– Reading
– Corrections/Omissions/Amendments
– Confirmation
– Matters Arising

3. Reports
a. Board of Directors
b. Treasurer’s/Auditors’
c. Appropriation of Surplus
d. Credit Committee
e. Supervisory Committee

4. Fixing of Maximum Liabilities

5. Elections
– Nominating Committee Report
– Board of Directors
– Credit Committee
– Supervisory Committee

6. Update on Merger Discussions

7. Any Other Business

8. Announcements

9. Vote of Thanks

10. Prizes

11. Closure

“Where Service Exceeds Expectation”

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

MINUTES OF THE 40TH ANNUAL GENERAL MEETING HELD
ON SATURDAY, MAY 14, 2016, AT 11:00 PM AT

HOLMWOOD TECHNICAL HIGH SCHOOL AUDITORIUM,
HOPEWELL, CHRISTIANA, MANCHESTER

CALL TO ORDER
The meeting was called to order by the Chairman, Rev. Charles Danvers, at 11:34: a.m.

The Secretary, Mr. Claude Rattray ascertained that the meeting was duly constituted with 219 members present.
The notice of the 40th Annual General Meeting of the Manchester Co-operative Credit Union (1977) Limited was
read after which the prayer of St. Francis of Assisi was repeated by all.

WELCOME AND COURTESIES

The Chairman extended a warm welcome to all. Special welcome was also extended to the members of the Board
of Directors and to the General Manager, Mrs. Cynthia Briscoe who was not well but still made an effort to be at
the meeting. Special welcome was extended to the following:

Mr. Errol Campbell – NUCS
Mrs. Lisa Cousins
Ms. Julianne Reid – UHY Dawgen Chartered Accountants
Mr. Zemmar Bennett
Ms. Jorgette Lewis – ““ “ “
Mr. Ivan Green
– Jamaica Co-op. Credit Union League Ltd.

– Senior Co-op. Officer – Department of Co-operatives & Friendly Societies

– Past President – Manchester Co-op. Credit Union (1977) Limited

APOLOGIES
Apologies were tendered on behalf of the following persons:

Mrs. Althia Scott-Jones – Director
Mrs. Sharon Peart – Director
Robert Chennis – Former Director

CONDOLENCES

The attendees were asked to stand as a moment of silence was observed in memory of those members who died
during the year.

CORRECTIONS TO BOOKLET

• Page 13: under Question & Comments – insert Churton before Douglas.
• Page 17: in the 3rd paragraph, delete the word “to” and insert ‘the’ in the first sentence.
• Page 20: under Delinquency – insert the word ‘of’ between “some” and “our” in the first sentence.
• Page 23: Under League’s Convention & Annual General Meeting – in the 6th line, change “ONET” to ‘QNET’

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MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

MINUTES OF THE Performance Overview
39th ANNUAL GENERAL MEETING
Delinquency
The minutes, having been previously circulated, were The delinquency rate for the year was 6.02%. The rate
taken as read on a motion moved by Mr. Ivan Green went over the 6% mark for the first time in over 5
and seconded by Mr. Stanley Skeene. years, which was 1.02% above the standard.

CONFIRMATION PERSONNEL

The minutes were confirmed on a motion moved by Training and Personal Development
Miss Derlene Anderson and seconded by Ms. Arlene In order to ensure improvement in our service
Reid. delivery, during the year staff and volunteers
participated in a number of seminars and workshops.
MATTERS ARISING Some of the training activities that were undertaken
included: Credit Bureau, Teller Training, Meeting
There were no matters raised by the members. Protocols, Marketing, Audit Techniques, Developing
Selling Techniques, Proceeds of Crime Act (POCA),
REPORTS Customer Service, Risk & Compliance, Fraud &
Robbery and Service Excellence.
BOARD OF DIRECTORS REPORT: Highlights of this
report were presented by the President (Chairman), as The Credit Union experienced some changes to the
follows: staff complement during the period under review;
there were two (2) promotions, six (6) recruitments,
The President noted that the discussions on the Bank one (1) separation and one (1) retirement.
of Jamaica and its regulatory functions over Jamaica’s
Credit Unions became more intense toward the MARKETING ACTIVITIES
second half of the year.
The Marketing Department carried out a number of
He said that during the year under review there were activities throughout the year to promote the Credit
mixed fortunes for the Manchester Co-operative Union’s products and services.
Credit Union (1977) Limited. The growth targets for
Loans and Membership were achieved while the Speaking Engagements
Surplus target fell short. This was primarily because of The Department participated in several expositions
the higher than budgeted amount of delinquency. The and speaking engagements at various schools and
reductions in interest rates caused a lessening of the organizations within the parish.
earnings from Investments and Loans.
Advertising and Promotions
He also noted that the conversion of the Operating Advertisements were placed with some of the major
System did not materialize at the projected time, due media houses to promote the Credit Union’s products
in part to challenges with the Information Technology and services.
Provider.
PUBLIC RELATIONS
PERFORMANCE OVERVIEW
Some of the Public Relation activities undertaken
The following provides insights of the Credit Union’s during the year included the following:
operations for the financial year ended December 31,
2015:

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MANCHESTER CO-OPERATIVE
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Labour Day 2015: The 2015 project was carried out - CABS Equity: This new product allowed members
at the Frankfield Primary and Infant School with the to use the equity in Commercial vehicles to access
painting of the newly constructed Infant Department loan amounts. Vehicles up to 8 years old are
through the efforts of staff and volunteers who joined accepted using 100% of the forced sale value.
with other persons from the school community.
- Savings is Back in Season: This campaign ran
Sydney Carter Scholarship/Bursaries: One (1) tertiary throughout the second half of the year and
level student received the Sydney Carter Scholarship promoted the Golden Harvest and Certificate of
while five (5) others received bursaries from the fund Deposit products. Members who invested in these
to start the 2015/2016 academic year. instruments could have earned up to 5% and 6%,
respectively on their savings.
GSAT Bursaries: Sixteen (16) students at the primary
school level received GSAT Bursaries valued at International Credit Union Week Celebration
$15,000.00 each to assist with the start of their International Credit Union Week was observed from
secondary level education. One (1) additional student October 11 – 17, 2015 under the theme: “People
also received the Credit Union League Bursary valued Helping People”. The Credit Union participated in
at $20,000.00. celebrations through the following activities:

Youth Marketing: The Credit Union hosted a number Church Service at Church of the First Born,
of competitions targeting the youth to aid in their Calvary Gospel Hall, Christiana
mental and physical development. These included
under 15 and under 12 Netball Competitions, Essay Soup & Soap Outreach at the Manchester
Competition and Debating Competition. Infirmary

Town Hall Meeting Member Appreciation at the Christiana and
As part of its commitment to ongoing member Mandeville branches
education, the Credit Union hosted a series of town
hall meetings throughout the year. These were geared Transport Centre Promotions in Mandeville and
towards educating members on the features and Christiana
benefits of the various products and services.
Treasure Chest Fun Day at Brooks Park
PRODUCTS & SERVICES
Tree Planting at the Mount Olivet Boys’ Home
New Product Development and Special Promotions
New products were developed and launched during Mid Island Chapter Awards Banquet
the year. Those included: The Annual Mid Island Chapter Banquet was hosted
by St. Elizabeth Co-operative Credit Union Limited.
- Moni Booster Loan Plan: This Loan option Miss Marcia Kirby and Mr. Oliver Harrison were
enabled members to access amount up to $2 recognized as the Member and Employee of the year
million for debt consolidation or as a personal for 2014 respectively.
loan, and
Awards and Recognition
- Moni Booster Education Loan: This Loan option The Organization was again recognized by the
was designed to assist with Back to School Jamaica Co-operative Credit Union League for the
expenses. Members could access from Most Outstanding Parish Credit Union, Runner-up in
$50,000.00 up to a maximum of $500,000.00 to the Mega Credit Union category, both for 2014.
take care of school related expenses These awards were received for the 4th and 3rd years,
respectively. The Manchester Chamber of Commerce
- CABS Loan: The CABS Loan product was revised also recognized the Organization for providing
to give members access to up to $2.5 million. A ‘Exceptional Customer Service’ in 2015 at its annual
Top-Up feature was also added awards banquet. Expression of thanks was extended
to our members for their continued support in making
these possible.

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MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

Representation at Affiliated Organization To attain Net Return: Average Assets ratio of
Our Credit Union participated in the following 1.7%
activities spearheaded by the League & Affiliates:
To attain loan/asset ratio of 57%
• League Convention & Annual General
Meeting To maintain a non-earning asset ratio of 6%

• Caribbean Confederation of Credit Unions To grow membership by 5%
Conference
To increase youth savers by 15%
• World Council of Credit Unions Conference
To utilize electronic banking
Social and Community Outreach
A total of $1,013,050.00 was donated to several CONCLUSION
worthy causes.
This was in keeping with the Organization’s In closing, the President noted that the strength and
commitment to give back to the communities in viability of the Manchester Co-operative Credit Union
which it operates. (1977) Limited resides with the members. He said that
the Board expressed its appreciation to the members
Strategic Objectives who continued to support their Credit Union and live
The strategic objectives are as follows: up to their obligations. The Chairman said that greater
responsibility was needed on the part of some of our
• The development and implementation of a members whose actions have caused the delinquency
comprehensive compliance plan to enable the rate to be going in the wrong direction.
Credit Union to attain and maintain licensing
in accordance with the BOJ regulations. Rev. Danvers noted that we recognize that sometimes
members face unexpected challenges however, that
• To achieve greater levels of efficiency in is precisely why the Credit Union is their partner, to
service delivery and other key areas of help them overcome life’s difficulties. The Board has
operations to sustain the viability of the Credit worked closely with the management and staff in
Union. crafting and providing the best possible financial and
social benefits for our members and the wider
• To strengthen the key financial pillars of the Manchester community.
Credit Union through the crafting and
effective implementation of strategies. The Chairman, on behalf of the Board expressed
thanks to the General Manager, the Management
Short Term Goals for 2016: For 2016, the financial team and staff, volunteers, our valued members, our
and operational targets are outlined as follows: Co-operative Partners, the Credit Union League, our
auditors, our bankers and suppliers of goods &
To attain 17.5% growth in Loans services.

To achieve 12% savings growth QUESTIONS AND COMMENTS

To grow total assets by 11% Mr. Berresford South said he was concerned that
something should be done regarding the reduction in
To attain surplus of $72 million interest rates on investments and asked what the
Credit Union could do to address this. He also shared
To attain an average loan yield of 14.85% his concerns about the rise in the delinquency rate
and asked how it would be addressed.
To attain an average investment yield of 5.8%
The Chairman responded that one of the strategies the
To maintain maximum delinquency of 5.75% Credit Union was looking at was moving the volume

To attain institutional capital ratio to 19.2%

To maintain operational expense at 8.3% of
assets

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MANCHESTER CO-OPERATIVE
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in all areas, for if the volume is bigger, even though Profitability
the margins would have been reduced the returns A total of $481 million was earned during the year
would be better. The Finance Manager, Mr. Lenroy under review, which was 3.4% above the amount
Allen interjected that the decline in interest rate meant earned in 2014. Loan interest was $333 million or
that we would need to grow our core business as we 69% of total income. Investment income was $93
could no longer rely on investments to rake in a million or 19% of total income. This was $11 million
substantial amount of income; therefore reliance or 11% below the amount earned in the previous
would have to be on the members to borrow more year. Fee Income was $55 million – a growth of $1
and encourage their friends and family to do the same. million over that of 2014.
He also encouraged members to take their expensive
loans that they have at other financial institutions and It cost a total of $414 million to carry out the
consolidate them at Manchester Credit Union where operations of the Organization in 2015, which was
interest rates were more affordable as this would help 10.5% more than the previous year. A total of $73
to grow the loan portfolio. Mr. Allen said that in order million was paid to members on savings. Loan loss
to grow loans the Credit Union would need to take provisions amounted to $41 million –up from the $20
more risks and members need to take responsibility million in 2014.
in paying back their loans on time so that delinquency
can be controlled. He further said that we would also The net surplus was $67 million or 26% less than the
need to continue to control our costs while we seek to amount earned in 2014. The decline in surplus was
grow loans so that at every AGM we can report that a influenced by the high 105% growth in loan loss
good enough surplus was made. provisions during the year.

On a motion moved by Mr. Berresford South and Key Profitability Trends
seconded by Mr. Jeremaine McKenzie, the report of
the Board of Directors was adopted. The Credit Union achieved an income to asset ratio of
11.8% in 2015. This was a decline from the 12.6% in
TREASURER’S REPORT: Highlights of this report the 2014. The decline in the income to asset ratio
were presented by the Treasurer, Mr. Alfred Daley was as a result of the reduction in the interest rate on
as follows:- loans and investments during the year.

INTRODUCTION Asset Growth
A major milestone was achieved in 2015 when the
The Government passed all IMF reviews in 2015 and asset base of the Credit Union surpassed the $4 billion
inflation reached its lowest levels in 50 years. There mark. Total assets ended the year at $4.1 billion – up
was decline in the Debt to GDP ratio due mainly to 11% from the $3.7 billion the previous year.
the Petro Caribe Debt buyback deal. There was also
relaxation of fiscal surplus target by the IMF and Loans
reduction in interest rates, which resulted in improved The growth in total assets was aided by a 15.7% or
investor confidence. $303 million increase in loans after provisions were
accounted for. This increase was supported by robust
Manchester Credit Union was affected by the fall in growth in motor vehicle and real estate loans which
interest rates, and loan and investment yields fell to rose by 26% and 23% respectively. Unsecured loans
record low levels during 2015. However, steps were also went up by 15% during the year.
taken to ensure that our Organization remain viable.
These measures included the offering of attractive Investments and Cash Reserves
rates on savings, reduction in lending rates and strong The investment portfolio closed the year at $1.62
loans growth was achieved. On the other hand, there billion. This represented an increase of 6% over 2014
was a reduction in interest income and a decline in and accounted for 40% of total assets. The Credit
surplus. Union earned an average of 6.5% on investments

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CREDIT UNION (1977) LTD.

during the year. This was below the 7.4% achieved future. Mr. Daley said that we were committed to
in 2014. continue to do whatever was required to make the
Manchester Co-operative Credit Union stronger, more
Savings secure, and fully capable of serving the members
Total savings grew by $326 million or by 12% during better.
the year. This was the highest annual growth over five
years. The strong savings growth in 2015 resulted in AUDITOR’S REPORT: The Auditor’s Report was
the portfolio surpassing the $3 billion mark at the end presented by External Auditors, Mrs. Lisa Cousins of
of the year. Commendations were extended to the UHY Dawgen Chartered Accountants (Incorporating
members for the growth in savings. Paul Goldson & Company). The report was
summarized as follows:
Institutional Capital Reserve
The Credit Union was able to strengthen its capital UHY Dawgen Chartered Accountants (Incorporating
base during the year. Total institutional capital stood Paul Goldson and Company) had audited the financial
at $719 million at the end of the period. This statements of the Credit Union which comprised the
represented a $64 million or 10% growth. The statement of financial position as at December 31,
institutional capital to asset ratio fell from 17.8% in 2015, the statement of comprehensive income,
2014 to 17.6% at the end of the 2015 financial year. changes in equity and cash flows for the year then
This was well above the minimum 8% standard ended.
prescribed by our League and surpassed the capital
ratio set by the Bank of Jamaica. Management is responsible for the preparation of
financial statements that gives a true and fair view in
Key Financial Indicators accordance with International Financial Reporting
The Organization exceeded the League’s standards in Standards (IFRS) and the Co-operative Societies Act.
most of the key financial indicators. The loan to asset
ratio rose from 52.2% in 2014 to 54.5% in 2015; The Auditors had obtained all the information and
however, the ratio remained below the minimum explanations which, to the best of their knowledge
standard of 60%. and belief, were necessary for the purposes of their
audit. In their opinion, proper accounting records
Conclusion have been maintained, as appeared from their
In closing, the Treasurer noted that 2015 was a examination of the records, and the financial
defining and challenging year, which in many ways statements which are in agreement therewith, gave
brought out the best in us. He said that this happened the information required by the Co-operative Societies
because the Credit Union chose to face the challenges Act, in the manner required.
and overcome them. The goals of providing our
membership with excellent products and services, QUESTIONS & COMMENTS
along with making the Institution stronger and more
viable were attained. This was achieved because the Ms. Adlyn Edwards asked why when a members
members responded positively to the various product missed a loan payment their account is debited for the
offerings. payment that was missed if the Credit Union makes
provisions for delinquency. Mr. Lenroy Allen,
He expressed thanks to the committed staff and Finance Manager explained that, for Cash Secured
volunteers for the commendable performance, and loans, the member signs an agreement to give the
the members who continue to give their full support. Credit Union the option of taking one month’s
payment from the account, but first and foremost the
It was expected that the financial environment in member is contacted through phone call and text
2016 would be even more competitive than the messages to remind him or her that the payment is
previous year. However, the lessons learnt during missed. He further informed the member that the
2015 would help to inform how we proceed in the policy states that the entire amount should be taken,

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MANCHESTER CO-OPERATIVE
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QUESTIONS & COMMENTS Profiles of Nominees
Mrs. Stephenson-Taylor read the profiles of the
Mr. Berresford South said that he believed that if the persons who were nominated to serve as volunteers
aims and objectives of an audit are set out, at the end and introduced them to the membership as follows:
of the day one should be able to tell whether they
were accomplished. He said that he noticed that most • Mr. Alexander Bourne – Board of Directors
of the audits that were done during the period the
report spoke of what was observed but did not speak • Mr. Clive Dunkley – Credit Committee
of whether the aims and objectives were
accomplished. Mr. South also noted that the audit • Ms. Elaine Bailey – Supervisory Committee
said that the findings were reported to management,
but did not say whether management had acted on • Mrs. Dahlia Brown-Dawson – Supervisory
the recommendations. He was therefore asking if the Committee
recommendations were acted on. The Chairman
subsequently refer to his report that said • Miss Michelle Douse – Supervisory Committee
“Management has already resolved some of the issues
revealed by the audits and has taken steps to rectify Election of the Board of Directors and Committees
others”. Mr. South said that he did not see where the The election proceedings were handed over to Ms.
aims and objectives were actually achieved; they Jorgette Lewis, representative from the Department of
need to be individually spelt out as to whether each Co-operatives & Friendly Societies, who proceeded to
one was achieved or not. The Chairman said that the explain the election process to the membership.
suggestion was noted and would be worked on for the There was no nomination from the floor for the Board
next administrative year’s report. of Directors and the Credit Committees; however,
Mrs. Adlyn Edwards was nominated from the floor to
Mrs. Ruthan Smile-Smikle, member of the Supervisory serve on the Supervisory Committee. This motion was
Committee sought to clarify the report. She stated that moved by Miss Carol Foster and seconded by Mrs.
the report spoke to the areas of focus that were looked Marcia Jones-Lamont. Miss Lewis informed the
at during the year. She said that even though they meeting that voting would have to take place by way
were not listed as aims and objectives, the target areas of secret ballot.
were addressed.
Miss Lewis subsequently explained that when the
On a motion moved by Mr. Glenroy Griffiths and Nominating Committee was going through the
seconded by Mrs. Shelly-Ann Russell-Jones, the report process of recommending persons to serve on the
of the Supervisory Committee was adopted. various committees, they had to use certain guidelines
(Fit and Proper Criteria for Credit Union Directors and
NOMINATING COMMITTEE REPORT Officers), which she referred to in the Booklet. She
further explained that, going forward, the Registrar
Mrs. Paulette Stephenson-Taylor, who was deputizing had proposed to end nominations from the floor as
for the Chairman of the Nominating Committee, Mrs. the Nominating Committee would have to check the
Sharon Peart referred to the Rules governing the nominee’s account to see how suitable he or she is.
nomination. The other members of the Committee
were: Mr. South said he had a concern about ceasing
nominations from the floor as it is a democratic
• Mrs. Paulette Stephenson-Taylor process and he believed the members should have a
• Mr. David Harris – Member say; therefore he is in support of having nominations
from the floor. He said a way must be found to get the
Mrs. Loye Richards was the Staff Liaison relevant information as he believed that having the
membership participating in this process is of
paramount importance.

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CREDIT UNION (1977) LTD.

Mrs. Edwards was then asked to come forward and • Miss Elaine Bailey – 149 votes
introduce herself as Miss Lewis said, it was important • Miss Michelle Douse – 136 votes
that the membership know about her background and • Mrs. Ruthan Smile-Smikle – 156 votes
if she was fit and proper to serve on the Supervisory • Mrs. Adlyn Edwards – 65 votes
Committee.

Election by Secret Ballots Based on the results of the pole, Mrs. Ann Julette
The members were asked to write down the names of Rowe, Mrs. Claudette Griffiths-McKenzie, Mrs.
the persons they wish to vote for on the Supervisory Ruthan Smile-Smikle, Miss Eliane Bailey, and Miss
Committee, including Mrs. Edwards, on the ballot Michelle Douse were elected to serve on the
sheets. The Ballots were then counted by Supervisory Committee.
representatives from the Credit Union League and the
results were as follows: Consequently, the following persons were elected to
serve on the Board of Directors, Credit Committee
• Mrs. Ann Julette Rowe – 158 votes and Supervisory Committee for the year 2016 to
2017:
• Mrs. Claudette Griffiths-McKenzie – 164 votes

BOARD OF DIRECTORS STATUS TERM
Continuing
NAMES New 2 Years
Rev. Charles Danvers Continuing 2 Years
Mr. Alexander Bourne Continuing 1 Year
Mrs. Althia Scott-Jones Continuing 1 Year
Mr. Stallyn Insang Continuing 1 Year
Mr. Nicholas Spence Continuing 2 Years
Mr. Alfred Daley Continuing 1 Year
Mr. Claude Rattray Continuing 2 Years
Rev. Joan Smith Continuing 1 Year
Mrs. Dianna Tomlinson Continuing 2 Years
Rev. Dr. Paul Gardner 1 Year
Mrs. Darcia Roache

CREDIT COMMITTEE STATUS TERM
Continuing
NAMES New 2 Years
Mr. Churton Douglas Continuing 2 Years
Mr. Clive Dunkley Continuing 1 Year
Mr. Raymond Harper Continuing 1 Year
Mrs. Vivinne Grant 1 Year
Mrs. Thelma Vassall

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SUB-CREDIT COMMITTEE STATUS TERM
Continuing
NAMES Continuing 2 Years
Mr. Everard Harriott Continuing 1 Year
Mr. Christopher Tyme 1 Year
Mr. Paul Grant

SUPERVISORY COMMITTEE STATUS TERM
New
NAMES New 1 Year
Ms. Elaine Bailey Continuing 1 Year
Ms. Michelle Douse Continuing 1 Year
Mrs. Ruthan Smile-Smikle Continuing 1 Year
Mrs. Ann Julette Rowe 1 Year
Mrs. Claudette Griffiths-McKenzie

SUB-SUPERVISORY COMMITTEE STATUS TERM
New
NAMES Continuing 1 Year
Mrs. Dahlia Brown-Dawson Continuing 1 Year
Mrs. Claudette Gayle-Foster 1 Year
Mrs. Barbara Chamberlain

Congratulations were extended to all the persons who and not based on suitability or by skill sets and in
were elected to serve on the various committees. order to eliminate that he had proposed the following:

The Board of Directors was given authority to select The list used by the Nominating Committee
the Delegates and Alternate Delegates to the Credit would be based on their recommendations.
Union League’s Annual General Meeting and other Members would still play a part by submitting
societies to which the Credit Union may be affiliated the names of their nominees by a set time,
on a motion moved by Mr. Glenroy Griffiths, which should be 90 days before the date of
seconded by Mr. Stanley Skeene and carried. the Annual General Meeting. Members
would be given 30 days to submit the names,
Miss Lewis reminded the Board and the other which would then be shortlisted by the
committees to meet within ten (10) days to elect Committee.
officers for the various committees and forward the
information to the Department of Co-operatives and ANY OTHER BUSINESS
Friendly Societies, the Credit Union League and the
other relevant institutions. 1. Mr. Astley Scott said that he was quite
frightened by the proposal because he
Proposal by the Registrar of Department of considered it a serious threat to the democratic
Co-operative & Friendly Societies principles under which organizations like the
Miss Lewis said that the Registrar was of the view that credit unions were formed and how they are
persons have been selected to serve on boards and constituted. He asked that the leadership do a
committees at some credit unions based on popularity follow up on this issue and do not allow any

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CREDIT UNION (1977) LTD.

one person to dictate what would deprive the 2. Mr. South asked if Manchester was looking in
common floor member of having a say in how the direction of merger and if so how close
our Organization is run. Mr. Scott said that if would they be to a merger and with whom.
this proposal should go through then there Rev. Danvers responded that he could not
would be no need to have elections at AGM speak to how soon; however, discussions had
anymore but a slate of persons would just be started and there were proposals to heighten
put forward to the membership. He said no some discussions after the AGM. He said we
one person, be it the Registrar or anyone else, have to be very diligent and careful about the
should have that kind of power and it must be kinds of partnership we enter into as the
followed up to make sure this does not interest of the members must be protected.
happen. We are actively pursuing a merger but was not
rushing into it.
Miss Lewis sought to clarify that what would
happen is that members would be given 3. Mr. Jeremaine McKenzie asked if the Credit
ample notice to do nominations before the Union could be a little timelier in the
AGM. She said that any member can submit reduction of interest rates on loans. Rev.
names of persons to serve and would have to Danvers said that the Board and Management
give statements and explain why those were listening, and one of the things that they
persons are being nominated. She said the always try to do is to give the best quality
main reason for this is to avoid selecting service to members, but cannot guarantee that
someone from the floor that might be dormant things will happen as fast as the members
or delinquent, of which the general would like as we have to look at a number of
membership might not be aware. If this sides to the issues.
should happen the board would be given
additional task to terminate that person and 4. SYSTEM UPGRADE
then they would have to co-opt someone else,
as they have the power to do. Mr. Lenroy Allen, Finance Manager gave an
update on the new system. He noted that
Mr. Griffiths asked that since election of after using the previous system for almost 20
officers is usually an agenda item at AGM, year, in May 2016 a brand new system called
how would that be treated. Miss Lewis “Universa” was implemented. Mr. Allen said
explained that the persons nominated would that we have to recognize that banking is now
be presented to the membership and then a technologically driven and therefore, in order
motion would be asked for at the AGM by the to serve the members better we had to get
director of elections or the representative of with the technology. With this system, the
the Department of Co-operatives. The list of Internet Banking was also upgraded, which
nominees would be sent out at least 30 days had become more versatile. The system
before the meeting so members would have would also be able to facilitate foreign
the option to find out why some names exchange account in the future, with the
submitted were not selected. permission from the Bank of Jamaica.
Members are able to make transfer from one
Mr. South asked what provision would be account to another, as well as transfer to loan
made at the AGM for the floor members to payments. The Finance Manager expressed
participate. Miss Lewis responded that thanks to the staff members who worked very
provisions would be made for all members hard to ensure that the new software was
before the AGM as the Credit Union would being used and thanked the members for their
communicate with members to inform them patience during the time of inconvenience.
when the nomination process would start and He said that he hoped that with the new
the deadline to submit the names. system we would be able to serve them better.

“Where Service Exceeds Expectation” 19

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

5. Mr. Stanley Skeene noted that it was 8. Mrs. McKenzie asked if the Credit Union
established that Manchester Credit Union is a could provide some mini training on online
mega and better credit union in Jamaica and banking for members so they would know
having looked at the limited space that how to use same. She said that this could be
members have to cram in at the Mandeville done by a floor-walker. Rev. Danvers assured
location, he asked if there were plans to her that we would take her recommendation
relocate to a bigger and better into consideration.
accommodation. Rev. Danvers responded
that, based on Mr. Allen’s presentation, we 9. Mr. Glenroy Griffiths took the opportunity to
would not necessarily need bigger physical thank the management and staff of the Credit
space as some of the services could be Union, especially the Christiana branch for
accessed remotely. He said that one of the the awesome service they have been
challenges though, was that we have been providing.
looking at the space issue and recognized it
was even a bigger challenge to find ANNOUNCEMENT
appropriate space in the town of Mandeville.
He also said that one of the good things about The official start of the 65th anniversary of the Credit
the upgraded system is that it provided Union would be on May 29, 2016 with a church
members with the opportunity of doing some service at St Augustine Anglican Church in Porus, at
business without having to go into the office 9:00 a.m.
itself.
Rev. Danvers informed the newly elected Board of
6. Mr. Gregory Bennet asked if there was some Directors that a meeting was scheduled for Monday,
way that information on loans could be May 16, 2016 at the Mandeville Office, commencing
provided for members without them having to at 5:30 pm.
come into the Credit Union and spend long
hours. Rev. Danvers informed him that the Rev. Kingsley Andrews also announced a meeting of
information was available online. Mr. Daley the Supervisory Committee to be held on Tuesday,
also informed him that there is always an May 19, 2015 at the Mandeville Office, commencing
officer at the front desk to give information. at 5:30 pm.

7. Mrs. Jennifer Barrett-Green said that the The Credit and the Sub-Credit Committees would
members welcomed the online services, but meet on Tuesday, May 24, 2016 at the Mandeville,
asked what level of security was there to commencing at 5:00 pm.
protect those who access their account online.
Rev. Danvers assured her that there were SPECIAL PRESENTATION
different layers of protection for those who use
the online services but warned members that Certificates of Appreciation were presented to the
they should never access their credit union or volunteers that were retiring. This was in recognition
any banking information at any public space, for their years of volunteerism to the Credit Union.
such as internet cafes. Mr. Allen said that
whether or not we liked it, technology is the EARLY BIRD PRIZE PRESENTATIONS
way the world was going; each individual as
users of the technology has the responsibility Mr. Lenroy Allen, Finance Manager, assisted by the
to protect ourselves. He also noted that the Marketing team, led the proceedings of the
Credit Union has insurance just in case any presentation of Early Bird prizes to 30 winners.
member’s account has been compromised
and there is proof that it is not of their own
doing then the insurance would chip it.

20 ANNUAL REPORT 2016

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

VOTE OF THANKS
Mr. Stallyn Insang, Director, moved the vote of thanks.
He expressed thanks to the following individuals and organizations:

• Mr. Errol Campbell from NUCS
• Mrs. Lisa Cousins and Ms. Julian Reid, auditors from UHY Dawgen
• Mr. Zemmar Bennett from Jamaica Co-operative Credit Union League (JCCUL)
• Miss Jorgette Lewis from Department of Co-operatives and Friendly Societies
• Mr. Ivan Green, Past President
• To all the members who attended the AGM

CLOSURE
There being no other business, the National Anthem was sung and the Chairman closed the meeting at 4:25 p.m.

Mr. Claude Rattray Rev. Charles Danvers
Secretary President

“Where Service Exceeds Expectation” 21

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

Report Of The Board Of Directors

The Board of Directors report demonstrates an obligation
on our part, to officially communicate with the
membership of the Manchester Co-operative Credit Union
(1977) Limited, in a structured way. The year under review
saw an increase in the social tensions, occasioned by the high
levels of violence of all sorts.

REV. CHARLES DANVERS National Parliamentary and Municipal Elections were conducted during the
President of the Board of Directors year and, thankfully, both were relatively peaceful. The interest rates continued
the downward movement, while the expectations of the projected Bank of
Jamaica regulations over credit unions seemed closer.

The Credit Union’s targets for the year showed mixed results. Some targets achieved included New Members,
Delinquency and Surplus. The Board wishes to specially commend the staff members who have worked creatively
and tirelessly to contain the Delinquency Rate at 5.69% at year end. We also recognize our members who
continuously honour their obligations in a timely manner. Of the targets not met Loan Interest, Interest Income
and increase in Youth Savers are included.

During the year formal discussions had begun with the St. Elizabeth Co-operative Credit Union Limited with a
view to advancing the possibility of a merger of the two credit unions. A Merger Committee, comprising members
of both Boards, was established and talks are on-going.

Condolence

On behalf of the Credit and Supervisory Committees and staff the Board of Directors extend condolences to the
families of our members who died during 2016.

The following gives more details, to our members, on the Credit Union’s activities for the year ending December
31, 2016.

Performance Overview 2016 2015 % Change Target for 2017
Millions Millions
Key Areas 3,371 3,003 12 3,758
2,571 2,228 14 2,819
Savings 4,540 4,088 11 5,028
Net Loans 10
Total Assets 789 719 14 849
Institutional Capital 77 67 89
Surplus

22 ANNUAL REPORT 2016

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

ADMINISTRATION & HUMAN RESOURCES 65th Anniversary Celebrations

PERSONNEL The 65th Anniversary Celebrations got under way on
May 29 with a Church Service at the St. Augustine’s
Training Anglican Church, Porus. This was supported by
Staff members participated in a number of training/ performances from the Holmwood Technical High
workshops during the year. Listed below are some of School Choir as well as the Credit Union Ensemble.
the sessions:
An Anniversary feature also appeared in the Sunday
Investment, The Law behind the Loans, Succession Gleaner’s Outlook Magazine on May 29, 2016. On
Planning, Credit Risk Management, Audit May 30, members were treated with a souvenir item
Techniques, POCA/AML/CFT & Successful New while interviews and highlights were conducted on
Manager. Kool 97 FM throughout the day. Other activities that
were carried out throughout the rest of the year
Promotion/Recruitment & Separation included:

There were changes to our staff complement during • The awarding of the 65th Ivan Harris Bursary to
the review period. A total of eight staff members were Abigail Senior, a 6th form student of Manchester
promoted and one person was transferred. During the High School.
year we also bid farewell to a number of staff
members some of whom had served the Organization • The hosting of a Family Fun Day & Back to School
for over twenty years. Fair at Brooks Park

MARKETING ACTIVITIES • The offering of the Anniversary Product Specials

The Sales & Marketing Department participated in a • Hosting of the 65th Anniversary/Long Service
number of expositions and events including the Awards Banquet
following:
• A cash donation of $65,000 to Holmwood
1. Men Who Cook Technical High School
2. JCDC Festival Queen
3. Alston High School Career Day 65th Anniversary Product Specials
4. High Mountain Coffee Road Races
5. Christiana High School Career Day This involved special offers on both a saving and a
6. Church Teachers’ College Open Day loan product. As a result, the Saving Special focused
7. Knox Community College Health Fair on the Wealth Accelerator Product offering an
8. deCarteret College National Career Day attractive investment rate of 4.5% on amounts of
9. Holmwood Technical High School $100,000.00 and over, while the Loan Special was
designed as an unsecured loan being offered at an
Career Day affordable rate of 19%. Service charge was also
10. Percy Junor Hospital Nurses’ Day reduced by 1% while loan amounts ranged from
$50,000 to $500,000. The timing of this loan offer
Awards Ceremony made it ideal for Back to School and Hurricane Season
11. Northern Caribbean University Orientation purposes.

Exercise

“Where Service Exceeds Expectation” 23

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

Products & Services Outdoor Advertising

New Product Development and The project to refurbish the Credit Union’s Bus Shed
Special Promotions located on the New Green Road thoroughfare was
completed in the first quarter of 2016. The shed now
In February, the Dream Wheels Auto Loan was boosts a new look with rebranded signs promoting
revised resulting in a special offer which lasted for six our distribution network as well as our savings, loans
(6) months. The 65th Anniversary Product Specials and insurance product categories.
were created and made available at the start of July.
These included a special savings rate on the Wealth Systems Conversion
Accelerator product and the offering of a special Communications Plan
Unsecured Loan. Towards the latter part of the year,
the Moni Booster (Prosperity) Loan Special was In an effort to effectively communicate to our
brought on stream which received tremendous take members and the general public during the period of
up from the membership. our systems conversion, a communications plan was
formulated. This covered messages for pre, during and
A special savings campaign dubbed “Save Big in post conversion. Tools that were used included text
2016” ran throughout the greater part of the year. This messaging, emails, newspaper publications, website,
highlighted savings options to meet short, medium Facebook and in branch notices.
and long term goals. Similarly, a loans campaign
dubbed “Live your Dream in 2016” ran concurrently Public Relations
with the main focus being on Motor Vehicle and
Property Loans. Labour Day

Dream Wheels Auto Loan Special The 2016 Labour Day project supported the National
Theme, “For Health’s Sake, Keep it Clean.” This
The Dream Wheels Auto Loan Special was comprised involved the Credit Union partnering with the
of the following features: Manchester Parish Council to clean up and beautify
the Mandeville Town Centre. The Credit Union team
• Interest rates reduced to as low as 9.75% focused on areas adjacent to its Mandeville office.
Activities included the repainting of a pedestrian
• Repayment term extended to a maximum of crossing, the repainting of the perimeter walls on
8 years Beaumont Drive and cleaning up of the adjoining
vacant lot. A “No Dumping” sign was also erected in
• Adjustments to the Share Requirement for that vicinity.
vehicles up to 8 years old
Financial Fitness Month
Moni Booster (Prosperity) Loan Special
The Jamaica Co-operative Credit Union League
This loan special allowed members to access up to declared April as Financial Fitness month for credit
$1.5 Million in total Unsecured Loans. The maximum unions. In this regard Manchester undertook a number
tenure was extended to 5 years, while 100% share of activities in support of this initiative. The aim was
building was instituted to help members meet the to educate members on the benefits of membership,
10% Share Requirement. Interest rates were also introduce relevant products & services and to give tips
significantly reduced. on becoming financially savvy. The following
activities were undertaken during the month:

24 ANNUAL REPORT 2016













ensure that we remain competitive. We continue to encourage you the members to make the
MANCCacrHheaeidncEeihvstSuieeUrTvtenheEietohtRdnaheteysCwioarueefOodr rrf-geeiOrmmrosteawPnicntEthhiooRcininocAemetdhTpfieoslIotrVkiatelinEovysaean.grserWoaaw.se tychoo.unWtpinaeurtewneitlorl wciotnhtiunsuetoteonsreuvreietwhatouorurloOarngapnriozdauticotns to
encourage you the members to make the

CREDITCrUedNit IUOnNion(y1o9ur7f7ir)stLcThoDic.e for loans as you partner with us to ensure that our Organization
Invacehsitemveenthtes daensidreCd agsrohwRtheisnetrhviesskey area.

TheIncavsehstamndenintvseastnmdenCt apsohrtfRoleiosecrlovseesd the year at $1.8 billion. This represented an increase of
Investm7e%nts oavnedrC2a0sh15Reasnedrveasccounted for 39% of
totaTlheascsaesths.anTdheinvCersetmdiet nUt pnoiortnfoleiaorncelodseadnthe year aAt $n1n.8u ablilGliroon.wTthhisinreSpraevsienngtesd anTianbclreea5se of

Teabcaihlcrleniooceunadn.sthT2yaaehvne0daiea1nsat7yarro5fdv%era.ovte.aegaeirTpnrrelra.rhva3oegegiovT9assesesfee%htsrnmwiooe5stfteaf.eo2s8dswnf05.5%t1.aa.bt88pTon5se%%oothliabornnealtewfcnoooliardnoCnnelsitwvasorhiaieesenenecctdstvsvlchtio6o.emteoefs.ssTu5tee7tUm6hn%mdn%.tente5etesihn%doanoCetcdvtnsrsheuyfeaodrierdcdeeiru2ahinvautr0rirger3iea1ninUd9nvt5etg%ng$ehdiandie1tonht.ahnd8oeinnef 400 Annual Growth in Savings Table 5
year. ThTishwe20as1C5br.eeldoiwt thUen6io.5n% macahiinetvaeindeidn 20ad1e5q. uate
idMdTnuahtayreenirncCaeaggsrsetethlFaridhminebliequfwtqtleeuenolaTriUynuainaeridwleqihtredwyqntriaueseCMinesuirrtatroiemyogiedayaanrbqmsbiesCennetutramlmnydapaaeericbrtgersbaaecseewiterdeniln.onomaenermiaytgurvsttTmsse.itaenee.noanhiransetngcvUtselTmetsewcesd.tanhCdoeaseacuTtieuteohoyacrhsdtnrmidesnoeteenuttheuasshsdpgreqenerbieaaaemnurtlyrnttsevsdgCaeh-ayeteatstaetrhier.oseoyetntvehr--dltytevmidtweahCqioeseatieeuaen-sryydererwiUeCwedeatdcdaeniaryaeittrerhtnhiysreodceehdUearaaniledhtndhfndsswleehdaUeieoFoqlylairuwdfndnnuv-swlntioaeioondaitsw-nnes 300 400 32 6 36 8
36 8
M i ll i ons
M i ll i ons200 300 22 4 20 9 32 6

18 8

100 200 1 8 8 22 4 20 9

0 100 20 13 20 14 20 15 20 16
20 12
Last 5 Years
0
Savings Fund Management Company. 20 12 20 13 20 14 20 15 20 16

Savings Last 5 Years

Total savings grew by $368 million or by 12% during the

year. ThTisowtSaaalsvsnainvoitgnicsgesabglryewthebyhi$g3h6es8t maninlluioanl gorrowbyth1o2v%erdthuerinpgasthfeivyeeyaera. rTshaissswhoaws noitnicTeaabblley5th. eTohtiaglhseasvtings

was justaunnduearl $g3ro.4wbthilloiovneratththeepeansdt foivf e20y1e6a.rsWaes csohmowmnenind yToaublfoer5t.hiTsoatcahl iseavveimngesntwaansd jaussstuurendyoeru $th3a.4t our
OrganizbaitliloTinoontwalialtlsactvohienntgiensnudgeretoowf o2bff0ye1r$6c3.o6mW8pemeticiltoliivmoenmreoetrnudbrnysy1o2un%iftosdrruatrnhingiseg oathcf ehsaiyevevinaegrm.seTannhtdisainwdvaesastnsmsouetirncetesaypborluoydttuhhcaettsh.oiguhrest

Orgaannniuzaaltigornowwtihll ocvoenrtitnhuee ptaostofffievre cyoemarpseatistivsheorwetnurinnsToanbiltes 5ra. nTgoetaolfssaavvininggsswaansd jiunsvteusntmdeernt$s3.4
Key FinapnrocbidaiulllciItonsnd. icaattothrse end of 2016. We commend you for this achievement and assure you that our

Organization will continue to offer competitive returns on its range of savings and investments

Our Organpizroadtiuocntse.xceeded the League’s

sintadnicdaatrodKrsse.yinSFommineoasnot fcoitfahlethsIene diknicedayictoafitrnosarsncairael

ro2ssotuu0aspt1nelpi6dnoa.ferrrodtd,kTtOLTmhieohenaaueyfaeikLOKbrsTm5g6eelefuea4ue0ysiaOCbyr.ne%g5i6lr’anrfteFu%esogi.nOdoned6aicis’vanricna.itTstgienaaacaniTarhzlcntshnonhaiUettdii2aahcrtieenaizlnsn0eilvodroaalid1deionoistanlaa5csihannodrraItnod,ehintinetnroctsotextodoarwcomtisitee5nmaeocua.ixrose5tasrtmchiSsmlssds.ntiee9.toeoen.iote%tmmdoerSysdrsdaftrooueeatmuditiotmtonhhoiirfenoeeftthhoeef
InstitutiirononsatTe2hl0afeC1rbsoa6elpme. itiT65an.hl4deR.i5cTea%Cshteorereirnvdsleoi2taa0nUr1e5ntoitooouan5st,ls5iewn.t9ei%tdrhatiino
iiOntssutrictuaCptrieiomtytdhanoieilautnryilnsoriUbomhcsausnaoe2suurpir0eofpmtis1rtnptoua6deolmp.wsrurpmsttraTat,o5ion.shr4aodgteai.,da5mbra%tCladshietmreteit$oonsod7fyi2at8steo0ct69arUh10era.im5n%ncegihviTtoltoielohneoioet5v,vtannh5eelwe.r9tih%the
at the end omf itnhiempuemriods.taTnhdiasrrdeporefse6n0t%ed ao$ve7r0 million or 10% growth. The institutional capital to asset ratio fell
slightly fromthe17sh.6o%rt tiner2m0.15 to 17.4% at the end of the 2016 financial year. However, this ratio was well above

the minimum 8% standard prescribed by our League and surpassed the capital ratio requirement set by the Bank

of Jamaica. This crucial reserve will be further strengthened with an additional allocation from the surplus of the

2016 financial year.

Delinquency

The delinquency rate fell from 6% in 2015 to 5.7% at the end of the 2016 financial year. This welcomed decline
was as a result of the implementation of effective delinquency control measures during the year. Our Credit
Union will continue to take the necessary steps to further reduce the level of delinquency and look forward to
your co-operation in this regard.

“Where Service Exceeds Expectation” 31

welcomed decline was as a result of the implementation of effective delinquency control
measures during the year. Our Credit Union will continuMeAtoNtaCkHe tEhSe TneEcRessCarOy -sOtepPsEtRo fAuTrtIhVerE
reduce the level of delinquency and look forward to your coC-oRpeEraDtiIoTn UinNthIiOs rNeg(a1rd9. 77) LTD.

SSuummmmarayroyf oInfcIonmceo&mEex&penEsxespenses Table 7

Income & Expenditure Year Year Increase/ %
2016 2015 Decrease Change
Total Income
Total Expenses 505,661,783 481,244,643 24,417,140 5.1%
Surplus -14,673,666 3.5%
Add Undistributed Surplus -428,690,128 -414,016,462 9,743,474 14.5%
Less Transfers -14,505,178 -14.1%
Available for Appropriation 76,971,655 67,228,181 -11.9%
9,689,329 5.6%
Summary of Balance Sheet 88,387,736 102,892,914 4,927,625

Summary of Balance Sheet -72,044,030 -81,733,359
93,315,361 88,387,736

Assets, Liabilities & Reserves Year Table 8 Increase/ %
2016 Year
We The Members Own: 2015 Decrease Change

Institutional Capital 684,085,184 623,298,853 60,786,331 9.8%
Permanent Shares 104,430,560 95,452,550 8,978,010 9.4%
Other Reserves 234,189,378 224,319,413 9,869,965 4.4%
Undistributed Surplus 93,315,361 88,387,736 4,927,625 5.6%
Total 1,116,020,483 1,031,458,552 84,561,931 8.2%

The Money Was Used For: 2,537,194,352 2,228,073,886 309,120,466 13.9%
1,793,305,361 1,680,710,249 112,595,112 6.7%
Net Loans to Members 16,466,813 22.4%
Cash & Investments 89,918,303 73,451,490 14,029,295 13.2%
Fixed Assets 119,955,708 105,926,413 452,211,686 11.1%
Other Assets 4,540,373,724 4,088,162,038
Total Assets

Less Savings & Other Liabilities 3,424,353,241 3,056,703,486 367,649,755 12.0%
Our Credit Union's Net Worth 1,116,020,483 1,031,458,552 84,561,931 8.2%

Conclusion

The financial performance for the year 2016 is evidence that our Credit Union remains a viable
32organization amidst the current economic challenges and the fierce compAeNtNitUioALnR. EWPOeRTt2h0e16refore

commend the team of hardworking staff and volunteers for a job well done. We also applaud the



























MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

46 ANNUAL REPORT 2016

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

“Where Service Exceeds Expectation” 47

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

48 ANNUAL REPORT 2016

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

“Where Service Exceeds Expectation” 49

MANCHESTER CO-OPERATIVE
CREDIT UNION (1977) LTD.

50 ANNUAL REPORT 2016